Quicken Loans Rocket Mortgage Review and Comparison

Quicken Loans Rocket Mortgage is a game-changer for homebuyers, offering a completely online mortgage process that's quick, easy, and hassle-free.

Rocket Mortgage is available online, allowing you to apply and get pre-approved for a mortgage from the comfort of your own home.

With Rocket Mortgage, you can get pre-approved for a mortgage in as little as 8 minutes, and the entire process is usually completed in 20-30 minutes.

The company uses advanced technology to streamline the mortgage process, making it faster and more efficient than traditional lenders.

Rock Financial was founded in 1985 by Dan Gilbert and three others. The company started as a mortgage broker, but its path changed in the late 1990s.

Gilbert challenged the traditional home mortgage business by offering online loan applications reviewed by experts in a central headquarters. This approach allowed the company to navigate varying state and local regulations more efficiently.

In 1998, Gilbert took Rock Financial public with an IPO underwritten by Bear Stearns.

The early 2000s were a time of significant change and growth for the world.

The year 2006 marked a major milestone in space exploration with the launch of the Phoenix lander, designed to study the Martian arctic region.

NASA's Phoenix lander successfully landed on Mars on May 25, 2008, beginning a 153-day mission to search for signs of water and life on the Red Planet.

The mission was a groundbreaking achievement in space exploration, providing valuable insights into the Martian environment.

The H1N1 pandemic, also known as swine flu, emerged in 2009, causing widespread illness and death globally.

This pandemic highlighted the importance of global cooperation and preparedness in responding to infectious disease outbreaks.

The year 2010 saw the launch of the Kepler space telescope, which would go on to discover thousands of exoplanets and revolutionize our understanding of the universe.

The Kepler space telescope has been instrumental in advancing our knowledge of the cosmos and the potential for life beyond Earth.

In 2015, Quicken Loans created Rocket Mortgage, the first lender to perform electronic closings in all 50 states.

The Rocket Mortgage platform uses customer data to pull information like property taxes, homeowner's insurance, and income history, making the application process more efficient.

Rocket owns three patents related to verifying client data, filtering it, and sourcing it from external parties.

The platform suggests customizable loan options once it has all the necessary data, eliminating the need for manual document uploads.

In its first full year, the Rocket Mortgage platform funded $7 billion in closed loans.

Rocket Companies surpassed Wells Fargo as the number one mortgage lender in the United States in 2018.

Rocket Mortgage, formerly known as Quicken Loans, is a leading mortgage lender in the United States. The company was founded in 1985 and is headquartered in Detroit, Michigan.

In 2021, Quicken Loans changed its name to Rocket Mortgage, but both names are still used in some promotional materials. This change is worth noting when searching for online reviews and ratings.

Rocket Mortgage offers a variety of home loan options, including new home purchase loans, mortgage refinancing, VA home loans, FHA loans, and USDA loans.

The company has been a leader in the online mortgage space and has achieved numerous milestones. As of 2010, Rocket Mortgage had closed over $30 billion in home loans.

Here are some key statistics about Rocket Mortgage:

Quicken Loans and Rocket Mortgage have received mixed reviews from customers. On the Better Business Bureau, they have a rating of 3.34/5 from 1,790 reviews. Customers have praised the company's representatives and the simplicity of their process, but some have complained about being contacted repeatedly after submitting their contact information.

Some customers have reported issues with loan approval, with Quicken Loans performing a hard inquiry on their credit score that can have a negative impact. Unfortunately, some customers have had issues where they believed they should have been approved, but Quicken Loans rejected loan applications late into the loan process.

Rocket Mortgage, on the other hand, has a 4.7 out of 5-star rating on Trustpilot, based on 16,416 reviews. Customers have praised the company's availability and promptness, but some have complained about complex paperwork.

Here's a breakdown of the ratings from different review websites:

Some customers have reported issues with Rocket Mortgage's underwriters, who can take a long time to complete the process. However, most customers have praised the company's representatives and the simplicity of their process.

Quicken Loans and Rocket Mortgage are two popular mortgage options that have their own set of advantages and disadvantages.

One of the main pros of using Quicken Loans or Rocket Mortgage is their online mortgage process with live mortgage advisors. This makes it easy to get pre-approved and navigate the mortgage process from the comfort of your own home.

Their instant employment and income verification is another significant advantage, saving you time and hassle.

Quicken Loans and Rocket Mortgage offer a large variety of loan products, including Variable-Rate Loans, Fixed-Rate Loans, FHA Loans, VA Loans, and Jumbo Loans.

However, it's worth noting that Quicken Loans has above-average closing costs, which may be a drawback for some homebuyers.

You can also take advantage of Rocket Mortgage's custom fixed-rate loan terms that are 8-29 years, giving you more flexibility in your mortgage choices.

Rocket Mortgage is available nationwide, making it a convenient option for those looking to buy a home in a different state.

Here's a summary of the pros and cons of Quicken Loans and Rocket Mortgage:

Quicken Loans closing costs are a bit higher than average, typically amounting to 3-6% of the loan amount.

The real estate industry estimates that closing costs should be around 2-5% of the total loan amount, but Quicken Loans exceeds this range.

This means you can expect to pay a bit more when working with Quicken Loans, which might impact your mortgage APR.

Quicken Loans doesn't provide a lot of transparency on their closing costs, but it's essential to factor these fees into your budget.

You'll need to consider these costs when comparing Quicken Loans to other mortgage brokers and lenders.

You can reach out to Quicken Loans and Rocket Mortgage for support through various channels. You can call Quicken Loans at (800) 251-9080 or Rocket Mortgage at (888) 452-8179 to speak with a mortgage expert.

Quicken Loans is open weekdays from 8 am-10 pm, Saturdays from 9 am-8 pm, and Sundays from 10 am-7 pm. Rocket Mortgage is open weekdays from 9 am-7 pm, Saturdays from 9 am-8 pm, and Sundays from 9 am-7 pm.

If you prefer to apply online, both Quicken Loans and Rocket Mortgage offer online applications. You can submit your personal information and receive an instant credit score check.

Quicken Loans offers a wide range of mortgage products to suit different needs.

You can choose from traditional 30-year and 15-year fixed-rate mortgages, which are great options for those who want predictable monthly payments.

Adjustable rate mortgages (ARMs) are also available, offering a fixed rate for a specific number of years before switching to a variable rate.

FHA loans are a great option for those who need to put down as little as 3.5% and have easy credit requirements.

VA loans are available for eligible service members and veterans, offering benefits like $0 down and limited closing costs.

USDA loans are designed for those purchasing property in rural areas.

Jumbo loans are perfect for larger home purchases that exceed traditional loan limits.

Mortgage refinancing is also an option, allowing you to refinance your current loan into a new one with better rates and terms.

Here are some of the mortgage products offered by Quicken Loans:

You can get live online support for your mortgage application from Quicken Loans and Rocket Mortgage. If you're not sure where to start, you can call their phone numbers, 800-251-9080 for Quicken Loans and 888-452-8179 for Rocket Mortgage.

Quicken Loans is open from 8 am-10 pm on weekdays, 9 am-8 pm on Saturdays, and 10 am-7 pm on Sundays. Rocket Mortgage is open from 9 am-7 pm on weekdays, 9 am-8 pm on Saturdays, and 9 am-7 pm on Sundays.

You can also get live assistance from mortgage experts through the contact us page on Quicken Loans' website, or by calling the Rocket Mortgage phone number.

If you prefer to apply online, both Quicken Loans and Rocket Mortgage have online application processes that let you determine your eligibility for their mortgages and get started with checking your credit score immediately.

Here are the phone numbers for Quicken Loans and Rocket Mortgage:

You can also call 800-603-1955 for Rocket Mortgage if you need help with signing in, in-process loans, or closed loans.

Rocket Mortgage offers services throughout the United States. Their extensive coverage is a result of their 100% online procedures.

The absence of physical branches might be a drawback for those who prefer in-person interactions. This can be a challenge for people who value face-to-face communication and hands-on assistance.

Better Mortgage is a notable competitor to Rocket Mortgage. It's an online lender that also offers home equity lines of credit, a feature not provided by Rocket.

One key difference between the two is that Better Mortgage doesn't charge lender fees, which can save you a significant amount of money.

Rocket Mortgage has some notable competitors in the mortgage industry. Quicken Loans, which is the parent company of Rocket Mortgage, operates independently and offers traditional home loans, adjustable-rate mortgages, FHA loans, VA loans, USDA loans, and mortgage refinancing.

Better Mortgage is another online mortgage lender that competes with Rocket Mortgage. It offers home equity lines of credit, which is not provided by Rocket Mortgage. Better Mortgage also doesn't charge lender fees, but it may have slightly higher interest rates.

Rocket Mortgage stacks up against its competitors in various categories. Here's a comparison of Rocket Mortgage with Chase, Bank of America, and Loan Depot:

Rocket Mortgage has a strong online presence, with an easy-to-use application process. However, some customers have reported frustration with complex paperwork.

You need a higher credit score to be eligible for loans with Bank of America. This also means you enjoy lower interest rates.

Bank of America's requirements for credit scores can be a bit of a hurdle for some people, but it's worth it in the long run if you're able to qualify.

Lower interest rates can save you money over time, which is a big plus when it comes to managing your finances.

Rocket Mortgage has a long history that dates back to 1985 when it was founded by Dan Gilbert.

The company has undergone several rebranding efforts, with the most notable one being in 1999 when it changed its name to Quicken Loans.

Rocket Mortgage LLC is the current name of the company, and it's a leading online lender under its parent organization Rocket Companies.

In 2022, the company achieved an annual closed loan volume of $133 billion, making it one of the largest online lenders.

Rocket Mortgage offers a variety of loan options for financing and refinancing. You can choose from different loan types based on your lender's requirements.

Here are some of the loan types offered by Rocket Mortgage, along with their minimum credit score requirements:

Rocket Mortgage's interest rates fluctuate, but as of December 11, 2023, here are some of their current rates:

Rocket Mortgage Loans offers various options for financing and refinancing, including loan types like ONE+, Home Equity Loans, and FHA Loans.

To qualify for these loans, you'll need a minimum credit score of 620 for most options, although FHA Loans and Home Possible Loans can be secured with a 580 credit score.

Rocket Mortgage also offers a 30-Year Fixed loan, perfect for those who want to save on interest over a longer period of time.

If you're a military veteran, you may be eligible for a VA Loan, which can also be secured with a 580 credit score.

Rocket Homes, a subsidiary of Rocket Companies, offers real estate services to buyers and sellers, and provides a closing credit of 1.25% of the home's purchase price, up to $10,000, when buying a home through their platform.

Sellers can also benefit from Rocket Homes, receiving 0.5% of the home's sale price when selling a home with a sale price over $100,000.

Here are some key details about Rocket Mortgage Loans and Rocket Homes:

Whether you're buying or selling a home, Rocket Mortgage and Rocket Homes can provide valuable assistance and savings.

Rates can fluctuate rapidly, so it's essential to check for real-time updates.

Rocket Mortgage offers various interest rates for different term lengths.

Here are some of the current rates as of December 11, 2023:

These rates are subject to change based on market conditions.